Decision details

1.            That approval be given to the Commercial Director to establish a private limited company to be owned wholly and exclusively by the Council with initial up-front funding of £5,000.

2.            That the company shall be called LBHF Ventures Limited or such other name as the directors of the Company may determine in consultation with the Cabinet Member for Commercial Revenue and Resident Satisfaction.

3.            That the Commercial Director be appointed as the Managing Director of the Company and that the Cabinet Member for Commercial Revenue and Resident Satisfaction, the Cabinet Member for Finance, the Strategic Finance Director and the Director of Delivery and Value are appointed as Directors of the Company.

4.            That approval be given to the Commercial Revenue Board (at its discretion) to approve business cases for delivery through the Company.

5.            That authority be delegated to the Strategic Finance Director  to procure the necessary insurance cover for the Council officers and members as appropriate acting on the Council’s behalf in a management capacity for the Company and the Council officers who will be embedded in the Company in a non-managerial capacity.